PDX Living and Real Estate

On April 1, 2011 House Bill 3450 will go into effect for residential real estate sales. The bill says that carbon monoxide detectors have to be in homes that are sold, just like smoke detectors have been for the last several years. Carbon Monoxide is “an invisible, odorless, colorless gas created when fuels, such as gasoline, wood, charcoal, coal, natural gas, propane, oil, kerosene and methane burn incompletely.” It is extremely dangerous, and can be deadly, especially for “are dangerous and may be deadly. Especially at risk are: unborn babies, infants, older adults, people who smoke, people with chronic heart disease, anemia or respiratory problems.

APRIL 1, 2011 – Home sellers of one-and two family dwellings, manufactured dwellings, or multifamily housing units containing a carbon monoxide source must have one or more properly functioning carbon monoxide alarms before conveying fee title or transferring possession of a dwelling.
APRIL 1, 2011 – Carbon monoxide alarms are required in new construction or a structure that undergoes reconstruction, alteration or repair for which a building permit is required, and is identified in the structural specialty code as a residential Group R structure.(for new construction and reconstruction go to Oregon Buildings Codes.

This gorgeous estate is the highest prices listing in the Greater Portland Metro Area, and with good reason! The owner’s opted out of having photos taken of the interior, and there are not frivolous showings of this property. Buyers must be able to prove that they can afford this price tag before they can even see the property!

Here are all of the specifications:

List Price: $15,000,000

City: Lake Oswego, Oregon

Square Footage: 13,500

Lot Size: 5 Acres, all on Private Island

Bedrooms: 4

Bathrooms: 6 Full, 2 Half

Year Built: 1930

Taxes: $99,000.00

HOA Dues/Boat Slip: $3,500 Per Year, Plus One Time $5000 Fee at time of purchase.

“Jantzen Island, Circa 1929. The most premiere property in the Northwest & the only private island in Lake Oswego; 5.5 acres of manicured grounds featuring a total of 13,500 square feet of living space between two structures, gate secured private bridge, close to 1 mile of walking trails, lake side pool, multiple terraces, waterfalls, rose garden & separate living quarters.”

It attributed the drop to allegations of wrongdoing that have dogged the mortgage industry and disrupted court dockets.

“The bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures. We expect to see the numbers bounce back,” said James J. Saccacio, CEO.

Oregon reported a total of 2,427 foreclosure actions in February, or one for every 676 households, down 26.72 percent from a year ago and 13.26 percent from January.

Nationally, there were 225,101 foreclosure actions affecting one in every 577 households.

For the last 3 months Portland, Oregon, Realtors and mortgage lenders have been watching as new applications for mortgages have been rising. This is good news for people selling homes in Oregon, as there is a wider pool of buyers. This also means that there is more competition for buyers. With my own clients I am seeing many of my buyers making offers on homes with multiple offers in on them, whether they are short sale, bank owned properties, or traditional sellers. This is a positive sign for the real estate market as a whole, prices stabilize when the number of buyers increases. The following is an article with all of the facts and figures, from Agent Genius.

According to the Mortgage Bankers Association (MBA), the seasonally adjusted index of mortgage application activity jumped up to the highest level in three months last week.

The index accounts for home purchase and refinancing loans, rising 15.5% last week as unemployment rates were announced as markedly improved employment numbers. Home purchases saw gains of 12.5% while refinancing apps jumped 17.2%.

Last week marks the largest increase in mortgage applications since mid June of last year.

“Taking into account typical seasonal patterns, purchase applications rose to their highest level of the year last week. On an unadjusted basis, purchase application activity is the highest since last May,” said Michael Fratantoni, MBA’s Vice President of Research and Economics.

Fratantoni continued, saying, “An improving job market is beginning to pave the way for an improving housing market. Additionally, mortgage interest rates remained below 5 percent for a second week, maintaining affordability for buyers and leading to an increase in refinance applications.”

All of these things need to be recognized before you start your home search, and either resolved, or acknowledged as things you need to avoid!

1) Trying to time the market bottom- We can only see it in hindsight, it was the same with the peak of the market.

2) Not researching loan options- There are many options other than just go to you bank, get a loan.

3) Buying a house you can’t afford- Yes, your income will probably grow, yes you probably could refinance in a few years, but don’t buy more than you can afford based on these things happening.

4) Not knowing your credit score- Know what you can afford, and what your financing options are, they will be based on your FICO score.

5) Falling in love too quickly- There are good and bad things about every property, don’t get swept away by the story your agent is telling you, be aware of the things that you don’t like so you don’t end up with buyers remorse.

Granite is slowly on it’s way out as the preferred finish for bathrooms, and the color green is making a big move, according to a National Kitchen & Bath Association survey of 100 designers. The survey offers insights into the hottest trends in bathrooms for 2011.

1. Quartz countertops more in demand. While granite still reigns in bathroom vanity tops, it’s popularity is slowly sinking as quartz continues to steal some of the market share, according to NKBA. While 83 percent of designers still opt for granite, that number has gradually been narrowing in recent years as quartz increases in demand (54 percent of NKBA designers opted for quartz). A year ago, 85 percent of NKBA designers used granite, compared to 48 percent for quartz. Meanwhile, solid marble vanities have also been on the decline (from 46 percent to 37 percent), while cultured marble has increased slightly in use among NKBA designers from 12 percent to 19 percent.

Photo credit: Delta Faucet Co.

2. Bathrooms go “green”–literally. Green color palettes for the bathroom are on the rise. Twenty-four percent of NKBA designers say they are using green colors to spice up bathrooms–up a year ago from 14 percent. However, the three most most common color choices in the bathroom remain: Whites and off-whites, beiges, and browns.

Kohler’s Conical Bell Vessels sink; Photo credit: Kohler Co.

3. Sink preferences mount. Under mount sinks continue to dominate newly remodeled bathrooms, but vessel sinks are increasingly becoming a more popular choice. Integrated sink tops are also on the rise, as well as pedestal sinks.

Photo credit: Kohler Co.

4. Satin finishes shine. In following recent kitchen trends, satin nickel faucets in bathrooms are rising in popularity, while brushed nickel faucets are falling out of favor. Other popular faucet finishes in the bathroom include bronze and oil-rubbed bronze, polished chrome, and polished nickel. Meanwhile, stainless steel finishes are becoming less popular in the bathroom.

The Eliot Tower, 1221 SW 10th Ave, is located directly next to the Portland Art Museum, and is a great location for those who want to live in the heart of the city. My team has listed one unit for sale, and it is featured below. There are also 9 others for sale in the building, ranging in list price from $319,000 to $2,700,000. With all of the amenities, the caliber of the building, and the friendliness of the staff and neighbors, this is the perfect home in the center of Portland.

“High end condo in the renowned Eliot tower. With over 40k in upgrades, 2 parking spots, an over sized storage unit, and 2 master suites, this unit has it all. NE corner unit is by far the best location and view, over looking the art museum, and the tips of the historic tree. Right on the street car. A unit not to be missed!”